Kestra Medical Technologies, Ltd. (KMTS Proposed) is ready to price its IPO tonight – Wednesday, March 5, 2025 – putting it on track to become the first big IPO ($100 million-and-up class) to get done in March 2025. The stock is expected to start trading tomorrow – Thursday, March 6 – on the NASDAQ.
The prospectus showed the deal consists of10.0 million shares at a price range of $14.00 to $16.00 to raise$150.0 million – at a market cap of $714.75 million, if priced at the $15.00 mid-point of its range.
BofA Securities, Goldman Sachs and Piper Sandler are leading the joint book-running team, which includes Wells Fargo Securities and Stifel.
Kestra Medical Technologies, Ltd. , based in Kirkland, Washington, received FDA approval in July 2021 for its wearable cardioverter defibrillator called the Assure WCD. The company says that as of Jan. 31, 2025, doctors at more than 550 hospitals have prescribed Kestra’s Assure WCD and the device has been worn by more than 17,000 patients, according to the prospectus.
The IPO’s proceeds will be used to further commercialize Kestra Medical’s Assure WCD and its cardiac recovery system platform, which “integrates monitoring, therapeutic treatment, digital health and patient support services into a single unified solution,” the prospectus said.
Bain Capital, the principal shareholder, will own 52.5 percent of the outstanding stock after the IPO. Bain Capital helped bankroll Kestra Medical as a start-up in 2014.
Kestra Medical’s impressive revenue growth in 2024, compared with 2023, was part of its appeal, the IPO pros say. Kestra generated revenue of $27.5 million for the six months that ended Oct. 31, 2024, up from $9.5 million for the same period in 2023, according to the prospectus. For the fiscal year that ended April 30, 2024, Kestra generated revenue of $27.8 million, up from $7.6 million for the previous fiscal year.
Kestra Medical is not profitable. For the 12 months that ended Oct. 31, 2024, Kestra Medical reported a net loss of $84.8 million on revenue of $45.8 million, according to financial statements in the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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